The Federal Reserve’s announcement that it would buy $40 billion in Freddie Mac and Fannie Mae mortgage-backed securities every month should put downward pressure on mortgage rates.

Not that they haven’t been really low already.

But let’s be realistic. It’s not mortgage rates that have been keeping people out of the housing market.

“While QE3 certainly won’t hurt the housing market, its short-term effect will likely be limited,” said Richard Green, director of the University of Southern California Lusk Center for Real Estate, in a statement. “The constraint that is keeping people out of the housing market is absence of equity. The drop in house prices means that many borrowers are underwater on their houses, and high unemployment has prevented potential first-time buyers from accumulating down payments.“

Read more Real Estate news in this week’s pages, including why baby boomers may again be considering their next housing move and why it’s better to buy than rent in 100 of the biggest U.S. cities.

While its short-term impact may be limited, keeping rates low can help the housing market as it continues to heal, said Nancy Vanden Houten, an analyst at Stone & McCarthy Research, as quoted in a blog post by MarketWatch reporter Deborah Levine.

“Along with the Fed’s commitment to remain accommodative into 2015, ongoing support for the mortgage market might produce a little more bang for the buck if other aspects of the housing market improve,” Houten said.

Fed to launch QE3 by buying mortgage securities

What the Fed’s MBS buying means for your mortgage

Ah, those pesky acronyms. Unless you’re a bond person, the definition of MBS may have slipped your mind some time ago. It stands for mortgage-backed securities, which are bundles of debt obligations backed by people’s mortgages. If you have a mortgage, chances are high it’s part of some investor’s MBS. What the Fed’s MBS buying means for your mortgage.

Refinancing an investment home

Freddie Mac and Fannie Mae won’t purchase loans from lenders made to anyone who owns more than 10 properties, and that rule probably won’t change, Lew Sichelman writes. Refinancing an investment home.

It’s now cheaper to buy than rent: Trulia

It’s much cheaper to buy a home than rent one in 100 of the largest U.S. metropolitan areas, according to a report released on Thursday by the real-estate website Trulia. It’s now cheaper to buy than rent: Trulia.

Seniors get wired to stay home

With the oldest of the baby boomers turning 66 this year, there’s been some talk—and a lot of hand-wringing—about how to provide the services they will need as they age without bankrupting themselves, their families, or state and federal governments. Seniors get wired to stay home.

Mortgage Rates

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